The Bank Slate


Restaurant fintech Toast to cut 550 jobs

Toast, a digital technology platform for the restaurant industry, plans to cut about 550 jobs.

The fintech said in a press release that it also plans to reorganize its facilities and operations as part of an effort “to promote overall operating expense efficiency.”

Toast said it plans to cut the positions between now and the end of the year.

The company expects to incur $45 million to $55 million of restructuring charges, primarily related to severance and facilities-related costs, in the quarter ending March 31.

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